Message Font: Serif | Sans-Serif
No. of Recommendations: 0
A friend of mine just won 5000 in a radio contest. (lucky dog!) They gave her the full amount after she filled out the paperwork. Even with this winning she'll still be about equal with the poverty level, give or take a couple thousand.

Quesiton is how is she going to be taxed on this? as undeclared income? capital gains?

Any ideas would be gratefully appreciated.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.